Compliance means that companies must meet applicable public authority requirements to be allowed to carry on their activities. At D&B we are now working hard to help financial institutions in Sweden meet the requirements in the EU’s Third Directive. This Directive primarily aims to fight money laundering and prevent business transactions with organisations associated with terrorism. We have now created special solutions that make it easier to meet the requirements in the Third Directive.
In the field of compliance, recent years have seen new public authority requirements for the quality assurance of information and stricter internal checks for financial reporting, among other things (Sox (the Sarbanes-Oxley Act – USA, 2002)) and to prevent money laundering (the Money Laundering Regulations 2007). Under these, company managers are responsible for the accuracy of a company’s accounts and financial reporting and they are intended to improve the management of risks and assets.
EU’s 3rd Directive
From March 2009, Swedish legislation is to be adapted to the EU's Third Directive. The Third Directive aims to prevent the financial system being used for money laundering. Companies covered by the Third Directive (regulated businesses) must check new and existing customers continuously.
Who is affected?
- The companies covered by the Third Directive (regulated businesses) are mainly in the financial sector but also include auditors, lawyers, insurance companies and brokers.
- All types of company are affected where transactions involve large sums of cash.
What can we offer?